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The global healthcare analytics market size attained a value of USD 34.41 billion in 2023. The market is anticipated to grow at a CAGR of 25.6% during the forecast period of 2024-2032 to attain a value of USD 267.70 billion by 2032. The market growth is driven by the increased innovation in healthcare analytics software, and services, and their widespread application across the globe.
The global market for healthcare analytics is being driven by factors such as the rise of big data in the healthcare sector, increased emphasis on collecting and analysing data from various sources for improved customer experience, technical advances, and the introduction of social media and its effect on the healthcare industry. Since descriptive analytics is the foundation for successfully implementing predictive or prescriptive analytics, descriptive analytics is predicted to dominate the market during the forecast period.
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Rising Technological Advancements and Launches Likely to Provide Impetus to the Healthcare Analytics Market Growth
The market for healthcare analytics has been witnessing significant growth over the past few years and it is likely to continue witnessing growth in the coming years as well. In September 2023, SAS, a analytics, artificial intelligence and data management company, announced the launch of a new transformative healthcare platform, SAS Health, to assist in the simplification of health data and management, improve data control, and catalyze patient data. The end-to-end enterprise solution for analytics and data automation will provide health providers, insurers, and public health agencies with the flexibility, and speed needed to drive health innovations that can improve patient experience and outcomes, propelling the global healthcare analytics market demand.
SAS Health is powered by a common health data model with predefined mappings to widely used industry standards. Analytical insights include proactively identifying gaps in clinical staffing and visualizing the landscape of screening centres concerning patient populations. This launch will assist fast processing of patient data and equip health systems with the tools needed to measure the quality of patient interactions, allowing them to positively impact care.
The market has been witnessing significant product launches, which is anticipated to bolster the healthcare analytics market growth in the coming years. In October, 2023, TripleBlind launched three new products for automated data de-identification. Ensuring the security and privacy of sensitive patient data is a non-negotiable in healthcare analytics. The level of security provided by the launch of these new products fosters trust and compliance with regulations like HIPPA, enabling more extensive use of healthcare data. The TripleBlind Privacy Suite enables organizations to use sensitive data with mathematically enforced privacy guarantees, ensuring that medical advancements no longer have to wait for lengthy manual de-identification processes or sacrifice patient privacy. The new suite consists of three new products – Privacy Builder, Privacy Fortress, and Privacy Network – each designed for organizations to create a customized solution for their unique needs with data.
Artificial intelligence is one of the key developments, especially for the healthcare sector. The market has been benefitting from the new data and AI solutions that can assist healthcare organizations to stay focused on improving patient and healthcare professional’s experiences while delivering quality care more efficiently and cost-effectively. These new solutions offer healthcare organizations a unified, safe, and responsible approach to their data and AI strategy and enable them to take advantage of the breadth and scale of Microsoft Cloud for Healthcare. By providing a framework for secure data utilization and analytics, these solutions are likely to drive the global healthcare analytics market growth.
Strategic Collaborations and Investments that Can Benefit the Market During the Forecast Period
In November 2023, Accenture and Salesforce invested in the development of Salesforce Life Sciences Cloud, including innovations, assets, and accelerators, powered by data and artificial intelligence (AI). This investment will assist life sciences companies in creating sustainable value and driving the growth of the market.
Building on the recently announced Accenture and Salesforce generative AI collaboration, the companies will leverage their joint generative AI acceleration hub to develop new solutions and use cases for Salesforce Life Sciences Cloud. The companies will also use Salesforce Data Cloud and Einstein AI, Salesforce’s AI technology, to help increase productivity and transform healthcare professional and patient experiences, contributing to enhanced patient outcomes and bolstering the global healthcare analytics market share.
The integration of AI-driven tools and solutions will provide the ability to streamline workflows, integrate automation for recurring tasks, and overall enhance productivity, resulting in improved patient care and outcomes. Additionally, the development of novel healthcare solutions will be enabled by the ongoing advancements due to the integration of AI-driven tools in the development. This collaboration holds the promise of not only transforming current practices but also catalyzing substantial growth and advancements in healthcare analytics.
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Market Breakup by Type
Market Breakup by Component
Market Breakup by Delivery Mode
Market Breakup by Application
Market Breakup by End Use
Market Breakup by Region
North America is expected to lead the global market for healthcare analytics. The market growth can be attributed to factors such as the continuous adaptation of advanced technologies and their widespread application in various fields. Key players in the region are continuously making efforts to introduce software solutions, enhance the capability and productivity of healthcare providers, and contribute to the global healthcare analytics market share. For instance, In April 2023, Inovalon, a leading provider of cloud-based software solutions for data-driven healthcare, announced that RCM Intelligence, a revenue cycle management (RCM) solution, will now be compatible with all electronic data interchange (EDI) claims clearinghouses. This will allow healthcare providers to connect with commercial, Medicare, and Medicaid payers seamlessly. Using Inovalon's advanced analytics, RCM Intelligence can process raw claims data in real-time, providing insights to improve cash flow, profitability, and productivity for healthcare providers. Providers no longer have to compromise performance based on which EDI clearinghouses they may be using. The insights offered by RCM Intelligence include payer performance trends, claims corrections, cash projections, time-to-file rates, turnaround times, and denial percentages.
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In November 2022, IBM announced a new software designed to help enterprises break down data and analytics silos to support instant data-driven decision-making and counter unpredictable obstacles. IBM Business Analytics Enterprise is a suite of business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities that provide users with a dynamic view of data sources across their entire business. This suite includes the IBM Analytics Content Hub, which allows users to easily access analytics and planning tools from various vendors through a personalized dashboard.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players.
The major companies in the healthcare analytics market are as follows:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
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| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 34.41 billion in 2023, driven by increasing AI integration.
The market is anticipated to grow at a CAGR of 25.6% during the forecast period of 2024-2032, likely to reach a market value of USD 267.70 billion by 2032.
The market demand is expected to be driven by the increasing investments by market players, strategic collaborations, and rising product launches. The market is expected to be driven by the rising number of research and development activities to develop these solutions.
The increasing focus of market players on developing and launching new AI-integrated healthcare solutions is a major factor influencing market growth. For example, the launch of IBM’s new software which is designed to help enterprises break down data and analytics silos to support instant data-driven decision-making.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Various types of analysis in healthcare include descriptive analysis, predictive analysis, prescriptive analysis, and cognitive analysis.
Components of healthcare analytics include software, hardware, and services.
Modes of delivery include on-premises, web-hosted, and cloud-based.
Healthcare analytics find wide applications in clinical analytics, financial analytics, operational and administrative analytics, and population health analytics.
End users in the market are healthcare payers, healthcare providers, and life science companies, among others.
Key players involved in the market are McKesson Corporation, Optum, Inc., IBM Corporation, Oracle, SAS Institute, Inc., IQVIA, Verisk Analytics, Inc., Elsevier, MedeAnalytics, Inc., Truven Health Analytics, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Sisense, Inc., Hewlett Packard Enterprise Company, and Cognizant Technology Solutions Corporation.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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